Known as Funnel by Nestio, the new cloud-based platform pulls information that renters generally need to secure a place to live — paystubs, W2 forms and photo identification — directly from banks and credit bureaus with the client’s permission.
The idea behind the new product is to streamline the application process to the point where renters no longer need to search and upload dozens of different documents on their own, Nestio’s CEO Caren Maio said. Other features include being able to book appointments and tours with the landlord as well as ask questions about the place through the platform.
“Nestio allows property owners to book tours and follow up but this is the first thing that is really going to be tangible for consumers,” Maio told Inman. “They are really going to feel change and a more modern experience for them.”
Founded in 2011, Nestio has raised more than $16 million for its property management platform. Investors include real estate venture capital firms Camber Creek, Rudin Ventures, The Moinian Group’s venture arm Currency M and Trinity Ventures — investment companies that frequently fund startups that use technology to solve real estate problems.
Funnel, which will use AI-powered technology and a cloud to allow agents to apply for an apartment online, will be available to select clients in beta form at the end of 2019 and officially launch for everyone by 2020. According to Maio, the pricing will be determined on a per-unit basis and vary depending on whether the client wants the full or partial functionality.
The new product is meant to work side by side with the listing-management product that Nestio launched with building managers in mind in November. Maio told Inman that the company is constantly adding new rental units to its database, with over 30,000 added since November.